Investment Rating - The report assigns a "Recommended" rating to the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [6][8]. Core Insights - The company has signed strategic cooperation agreements with SANDU Intelligent and Wudi Electronics to enhance its presence in the humanoid robot sector and the new energy vehicle components market [4][5]. - The partnership with SANDU Intelligent focuses on developing key technologies and components for humanoid robots, leveraging SANDU's expertise in flexible operation technology [5]. - A joint technology innovation center will be established with the Guangdong Academy of Sciences to facilitate the development of intelligent solutions for humanoid robots, covering various aspects from R&D to production [5]. Financial Forecast - The company is projected to achieve revenues of 67.16 billion, 85.33 billion, and 110.12 billion RMB for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.8%, 27.0%, and 29.1% [6][8]. - The net profit attributable to the parent company is expected to be 3.82 billion, 5.13 billion, and 6.98 billion RMB for the same years, with corresponding PE ratios of 30x, 22x, and 17x [6][8]. - The revenue breakdown indicates significant growth in the new energy business, with projections of 45.13 billion, 56.17 billion, and 67.46 billion RMB from 2024 to 2026 [9].

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-013 祥鑫科技股份有限公司 关于签订战略合作协议的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次公司与合作方签订的战略合作协议属于框架性协议，具体实施过程尚存在 不确定性，敬请广大投资者谨慎决策，注意投资风险。 2、本次签订战略合作协议不会对公司本年度经营业绩构成重大影响。 一、协议签署概况 祥鑫科技股份有限公司（以下简称"公司"）近日分别与三度（佛山）智能科技有 限公司（以下简称"三度智能"）、深圳市武迪电子科技有限公司（以下简称"武迪电 子"）签订了《人形机器人关键零部件战略合作协议》和《新能源汽车关键零部件战略 合作协议》。为加强企业间的合作，促进技术创新，加快科技成果转化，经平等协商， 公司与三度智能围绕"人形机器人关键技术"、与武迪电子围绕"新能源汽车关键零部 件"建立战略合作关系并开展深度合作，以推动产业发展。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》等有关规定，本 ...

Group 1 - The core viewpoint of the article is that Xiangxin Technology has signed strategic cooperation agreements with three-dimensional (Foshan) Intelligent Technology Co., Ltd. and Shenzhen Wudi Electronic Technology Co., Ltd. to enhance its capabilities in humanoid robots and new energy vehicles [1] - The strategic cooperation with SanDu Intelligent focuses on key technologies for humanoid robots, aiming to achieve complementary advantages and resource sharing [1] - The collaboration with Wudi Electronics is centered around key components for new energy vehicles, indicating a commitment to advancing the industry [1] Group 2 - The agreements aim to break through key technologies in humanoid robots and promote their application in various fields such as microbiology, semiconductors, automotive, and photovoltaic energy storage [1]

Group 1: Company Overview and Business Segments - Xiangxin Technology focuses on the development of new energy-related products, particularly in the fields of battery and photovoltaic energy storage [1] - The company has established partnerships with major domestic power battery manufacturers, securing orders for popular vehicle models [2] - The company’s automotive structural components serve mainstream automakers, including GAC Group, Geely, BYD, and NIO [1] Group 2: Future Development Plans - The company plans to expand its business into low-altitude economy, liquid-cooled servers, and humanoid robots, having already engaged with relevant clients [2][3] - Humanoid robots are identified as a key strategic direction, with the company providing comprehensive solutions from molds to structural components [4] - A joint technology innovation center has been established with the Guangdong Academy of Sciences to develop intelligent solutions for humanoid robots [4] Group 3: Client Engagement and Market Strategy - The company is in communication with clients in the robotics sector, but specific details are confidential due to non-disclosure agreements [5] - The company supplies various products to clients in communication, data centers, smart vehicles, and energy storage [6] - The company aims to enhance its technological research capabilities and expand its market share across different business segments [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the automotive and automotive parts industry [6]. Core Views - The company's core business in new energy structural components is stable, while its robotics segment is expected to provide new growth opportunities. The projected net profits for 2024-2026 are estimated at 382 million, 492 million, and 618 million yuan respectively, with a corresponding PE ratio of 28, 22, and 17 times for those years. The target price is set between 60.25 and 72.3 yuan, based on a 25-30 times PE valuation for 2025 [4][6]. Summary by Sections 1. Company Development and Market Position - The company has established a solid core technology system in the mold and metal structural components sector since its inception in 2004, expanding into automotive stamping molds and metal structural components in 2008. It has gradually accumulated experience in precision stamping mold production and R&D [1][13]. - The company has invested in a subsidiary in Mexico to further explore overseas markets [1]. 2. New Energy Vehicle Market Potential - The demand for stamping parts is increasing due to the rising penetration of new energy vehicles (NEVs) and the trend towards automotive lightweighting. Major clients include Geely and BYD, with projected sales growth of 24.5% and 17% respectively by 2025 [2][48]. - The NEV market is expected to grow significantly, with sales projected to reach 1.5 million units for Geely and over 5 million units for BYD by 2025 [2][48]. 3. Robotics and Smart Manufacturing - The company has established a subsidiary focused on humanoid robotics and formed a strategic partnership with the Guangdong Academy of Sciences to develop key components for humanoid robots [3]. - The collaboration with Huawei in the robotics ecosystem is anticipated to create new opportunities for the company [3]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with projected revenues of 7.03 billion, 8.75 billion, and 10.98 billion yuan for 2024-2026, reflecting growth rates of 23.31%, 24.42%, and 25.51% respectively [5]. - The net profit for 2024 is expected to be 381.82 million yuan, with a slight decline projected for 2025 before rebounding in 2026 [5]. 5. Industry Trends and Customer Base - The NEV market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 60.55% from 2019 to 2024, and the penetration rate expected to reach 40.93% by 2024 [36]. - The company has established long-term partnerships with leading battery manufacturers, contributing to its revenue growth [51]. 6. Strategic Collaborations and Market Expansion - The company has formed partnerships with international leaders in the energy storage and photovoltaic sectors, enhancing its market position and order acquisition capabilities [61]. - The expansion into digital infrastructure and data centers is also a focus, with the company supplying key components to major domestic players [67].

公司报告 | 首次覆盖报告 祥鑫科技（002965） 证券研究报告 新能源结构件业务稳固，机器人打开成长空间 深耕模具及金属结构件领域，重点布局新能源赛道 公司深耕模具及金属结构件领域，形成了独立的核心技术体系。2004 年， 公司成立，从事打印机、复印件等五金件加工。2008 年，公司进军汽车冲 压模具及金属结构件，逐步积累精密冲压模具的生产经验和研发精密冲压 模具新技术，产品逐步覆盖汽车、储能光伏、通信三大领域。2021 年，公 司为进一步开拓海外市场，与全资子公司东莞市骏鑫金属制品有限公司在 墨西哥投资设立子公司。 坐拥新能源车赛道，结构件&动力电池行业前景广阔 随着新能源汽车在整车市场的渗透率不断提高以及汽车轻量化趋势的加 深，新能源汽车对冲压件的需求也在不断提升。公司新能源汽车业务下游 主要客户包括吉利汽车、比亚迪，客户销量持续高增。吉利汽车 2025 年目 标销量 271 万辆，较 24 年销量增长 24.5%；其中新能源汽车销量目标为 150 万辆，较 24 年销量大幅增长近 70%。比亚迪 2025 年销量目标为突破 500 万辆，较 24 年销量增长 17%。根据吉利与比亚迪的 2025 年 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-012 祥鑫科技股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、通知债权人的原因 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董 事会第三十三次会议和第四届监事会第三十三次会议并于 2025 年 03 月 06 日召开 2025 年第一次临时股东大会，审议通过了《关于回购注销部分激励对象已获授但尚未解除限 售的限制性股票的议案》。 公司 2021 年限制性股票激励计划首次授予限制性股票的激励对象中有 1 人因个人 原因已离职（不再具备激励资格）、在第三个解除限售期个人绩效考核中有 21 名激励对 象的综合考评结果为 B（个人层面解除限售比例为 80%）和有 7 名激励对象的综合考评 结果为 C（个人层面解除限售比例为 70%），根据《上市公司股权激励管理办法》《激励 计划》等相关规定，公司将对上述 29 名激励对象所对应的已获授但尚未解除限售的 69,900股限制性股票进行回购注销 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-011 祥鑫科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开的情况 1、召开时间： （1）现场会议召开时间：2025 年 03 月 06 日 15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 03 月 06 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为 2025 年 03 月 06 日上午 9:15 至下午 15:00 期间的任意时间。 2、召开地点：广东省东莞市长安镇长安建安路 893 号办公楼三楼会议室。 3、召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 4、召集人：公司董事会。 二、会议出席情况 1、会议总体出席情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人（以 ...

北京市环球（深圳）律师事务所 关于 祥鑫科技股份有限公司 2025 年第一次临时股东大会 之 法律意见书 北京市环球（深圳）律师事务所 关于 祥鑫科技股份有限公司 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 2 月 19 日在《公司章程》规定 2025 年第一次临时股东大会 之 法律意见书 GLO2025SZ（法）字第 0328 号 致：祥鑫科技股份有限公司 北京市环球（深圳）律师事务所（下称"本所"）受祥鑫科技股份有限公司 （下称"公司"或"祥鑫科技"）的委托，根据《中华人民共和国公司法》（下 称"《公司法》"）、《上市公司股东大会规则》（下称"《股东大会规则》"） 等法律、法规、规章及《祥鑫科技股份有限公司章程》（下称"《公司章程》"） 的有关规定，指派律师列席公司 2025 年第一次临时股东大会（下称"本次股东 大会"或"本次会议"），并就本次股东大会有关事宜发表法律意见。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股 ...

Summary of Xiangxin Technology Conference Call Company Overview - Xiangxin Technology has expanded from an automotive stamping parts supplier to the fields of power batteries, energy storage, and photovoltaics, establishing partnerships with leading companies such as CATL and Huawei. The automotive and power battery business accounts for approximately 80% of total revenue, while the photovoltaic and energy storage business accounts for about 20% [2][4]. Core Business Insights - The company is actively developing in the fields of robotic dexterous hands and joint assemblies, having secured orders for structural components for flying cars and battery structures, which are expected to benefit from the development of the low-altitude economy. These new businesses are anticipated to enhance the company's valuation [2][5]. - Long-term cooperation with Huawei in the energy storage and photovoltaic sectors provides Xiangxin Technology with a first-mover advantage in entering the robotics field, potentially increasing market attention and driving valuation growth [2][6]. Financial Performance - From 2020 to 2023, the company's revenue compound annual growth rate (CAGR) reached 45.8%, driven by the expansion in electric vehicles and power batteries. Revenue growth is expected to slow to around 25% in 2024, with the share of photovoltaic and energy storage business increasing to 30% [2][8]. - The company forecasts a net profit of 4.5 to 4.6 billion yuan in 2025 and 5.3 billion yuan in 2026. The current market capitalization corresponds to a PE ratio of approximately 22 times for 2025, with a target market capitalization of 13.5 billion yuan [3][24][26]. Profitability and Margin Trends - The company's gross margin has been under pressure in recent years due to rising shipping costs and raw material prices. However, with the decline in shipping costs and raw material prices, profitability is expected to stabilize and gradually recover starting in the second half of 2024 [9][10]. - Approximately 80% to 90% of the company's revenue comes from domestic sales, with only 10% from exports. The lower gross margin from domestic sales compared to exports has put pressure on overall gross margins, but overseas capacity expansion is expected to improve this situation [11][12]. Market and Competitive Landscape - The downstream revenue primarily comes from the automotive, power battery, and photovoltaic structure markets, with automotive and power battery accounting for about 80%. The market for power battery boxes is projected to exceed 40 billion yuan by 2027, with an annual growth rate of 17%-18% [13][14][15]. - The photovoltaic and energy storage structure market is expected to grow significantly, with global photovoltaic installations projected to reach 470 GW by 2024 and 500 GW by 2025, while energy storage installations are expected to grow at an even faster rate [16][17]. Competitive Advantages - Xiangxin Technology has established a competitive edge through partnerships with leading suppliers like Huawei, which has led to sustained revenue growth in the energy storage sector. The company possesses diverse material processing and connection technologies, enhancing its competitive position in the power battery box market [18][19]. Customer Base and Capacity Layout - Major customers include automotive manufacturers such as GAC and Xpeng, with GAC being the largest customer, accounting for about 20% of revenue. In the battery sector, CATL is a core customer, expected to account for about 15% of revenue in 2024 [20][21]. - The company has established a diversified capacity layout both domestically and internationally, with factories in Mexico and Thailand to meet local customer demands [22]. Potential Growth Areas - Potential growth areas include the low-altitude economy and humanoid robotics. The company has received a notification for structural components from a flying car client, valued at approximately 50 million yuan, and is exploring advanced technologies in humanoid robotics [23]. Valuation Outlook - The target market capitalization is set at 13.5 billion yuan, corresponding to a 30 times PE ratio for 2025, indicating a potential upside of over 30% compared to the current stock price [26].